The worst financial crisis in the United States since the Great Depression and the current period we are in. It occurred during the first decade of the 21st century (core years lasted from 2007-2010) and was marked by rampant job losses, high unemployment, collapse of the real estate market, Wall Street losses, and the closing of numerous banks. The national unemployment rate was as high as 10% in 2010.
It was triggered by foreclosures and a collapse of the real estate market in Florida in 2007. Fannie Mae and Freddie Mac, two large government subsidized mortgages lenders, later fell under heavy scrutiny by many members of Congress. It also created a national credit crunch that resulted in new government regulations that tightened lending standards and changed the rules for nearly every bank. All of a sudden, even people with nearly spotless credit found it hard to get a loan on anything. Wall Street stocks fell by nearly 50% in 2009.
The GR also changed the political clout in Washington when Republicans became the majority party in the House of Representatives, after the 2010 midterm elections sent many Democrats home. Things havent improved very much as the Great Recession is still ongoing and many Americans are still out of work. It will take many years for the housing market to recover, and probably longer for the jobs return to pre-recession levels.
It was triggered by foreclosures and a collapse of the real estate market in Florida in 2007. Fannie Mae and Freddie Mac, two large government subsidized mortgages lenders, later fell under heavy scrutiny by many members of Congress. It also created a national credit crunch that resulted in new government regulations that tightened lending standards and changed the rules for nearly every bank. All of a sudden, even people with nearly spotless credit found it hard to get a loan on anything. Wall Street stocks fell by nearly 50% in 2009.
The GR also changed the political clout in Washington when Republicans became the majority party in the House of Representatives, after the 2010 midterm elections sent many Democrats home. Things havent improved very much as the Great Recession is still ongoing and many Americans are still out of work. It will take many years for the housing market to recover, and probably longer for the jobs return to pre-recession levels.
by krock1dk@yahoo.com July 18, 2011
Buzzword for the economic collapse of post 9/11 America. Actually started in '01 but peaked around '06-'08 all the while while we were being told that we weren't even IN a recession (until late Nov. '08 when Bush was ousted, hmmm). Symptoms of GR include, but are not limited to, huge pay cuts, massive job losses, homelessness, foreclosures, and a rise in the crime rate.
Damn, remember how things were before the Great Recession when all we had to worry about was if Clinton was getting head in the Oval Office? Now we have to worry about the whole fucking world hating us & wanting us dead.
by Bangboy March 8, 2010
1. Economic Sodomy that occurred after 10 million people suddenly abandoned their houses in 2006 and fled the country when George Bush Jr reclassified Latinos as terrorists using Patriot Act and outlawed Mexicans using the Real ID Act.
2. Disaster capitalism that completely skipped states, like Texas, that were smart enough to outlaw the Real ID Act and Patriot Act.
3. Repeat of the Great Depression that happened shortly after Herbert Hoover outlawed Mexicans in 1929 and collapsed the US banking system and stock market with widespread housing abandonment when he deported several million legal US residents that had brown skin.
4. The perfect storm where the governator mated the Patriot Act with Real ID Act to produce a love child that turned California into a third world country with DUI checkpoints that stole $40 million of cars from Mexicans every year and simultaneously collapsed the automotive industry selling the stolen vehicles.
2. Disaster capitalism that completely skipped states, like Texas, that were smart enough to outlaw the Real ID Act and Patriot Act.
3. Repeat of the Great Depression that happened shortly after Herbert Hoover outlawed Mexicans in 1929 and collapsed the US banking system and stock market with widespread housing abandonment when he deported several million legal US residents that had brown skin.
4. The perfect storm where the governator mated the Patriot Act with Real ID Act to produce a love child that turned California into a third world country with DUI checkpoints that stole $40 million of cars from Mexicans every year and simultaneously collapsed the automotive industry selling the stolen vehicles.
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Example: What!?!?!? You mean to tell me Texas avoided the Great Recession by encouraging immigration because they already knew Bush was racist dildo fucktard BEFORE he almost killed himself on a pretzel?!?!?!
Example: What!?!?!? You mean to tell me Texas avoided the Great Recession by encouraging immigration because they already knew Bush was racist dildo fucktard BEFORE he almost killed himself on a pretzel?!?!?!
by Crackhead Awards May 5, 2013
A major economic contraction which began in 2008. The Great Recession featured the collapse or nationalization of many banks and investment houses. Characterized by a torrent of panicky headlines from the bloodthirsty vultures in America's piss-yellow newsrooms, who tried their damnedest to make us all believe that this was the worst it's been "since the Great Depression."
The Great Recession was the best opportunity yet to rob the public purse in order to bail out the rich-ass hedge fund managers and their golfing buddies.
by rainbow coma February 6, 2009